If you’re hiring the wrong people, you may find it necessary to micromanage their every move. If you’re hiring the right people and still trying to micromanage their every move, the next one they make could be to a different organization.

Let your leaders lead
If the leadership in your organization truly wants to manage every tiny task and detail, then you should only hire “yes” people— employees who are happy doing only what they’re told and not thinking about it too much. These folks will gladly trade hours for a paycheck and meet the minimum expectations of the job, and they can generally tolerate constantly being told what to do and how to do it.

A leader who doesn’t want to deal with this level of detail and would rather take on higher level issues and responsibilities, needs to hire independent thinkers— people who like to do research, come up with new ideas, and then put them into practice. But this strategy comes with a warning:

If you hire independent thinkers and enthusiastic doers and then prevent them from taking initiative, you’re running the very immediate risk of them leaving.

Let your employees take ownership
If you’re hiring additional people, it’s probably because you need more thinkers and doers in your organization.

In this case, you should be hiring competent people you can trust to do their jobs exceptionally well. They should bring capabilities that compliment currently existing skills and knowledge in the company, and they should be looked upon with great enthusiasm for the fresh perspective they bring and their willingness to jump in and do these new jobs with a fiery passion.

As a leader, it’s your responsibility to set the vision and ensure the company stays on target. To accomplish your goals, you’ll need to hire competent people who believe in your company and your mission. But it doesn’t end there.

You must also allow your team to take ownership of their new roles and let them help you determine the best path for turning your vision into a reality.

When you hire people to manage specific areas of your organization, you should be looking at them as content-area experts who can help you achieve company goals bigger, better, and faster. If you’re not getting that expert–level advice and instead find yourself micromanaging them and their activities, then you need to go back and take the micromanagement test:

Did you hire the wrong people? Or are you micromanaging the right people to death?

Don’t lose your best employees!
You hired each of these individuals for a reason. Or lots of reasons! Once they’re onboard, you need to be able to trust and rely on your team to help create a dynamic company that everyone is excited to be part of. If you’re having trouble doing that, it’s time for a little self-reflection.

Re-evaluate your organizational goals and strategies and be honest about your management style. Is it serving your purpose or holding you back? Are you drawing great employees to you or inspiring them to look elsewhere?

Hire talented people and then let them do what they do best. Help make your business better.

Stocks fell over the week on increasing concerns about protectionist trade policies. The S&P 500 dropped 0.5% and the Dow eased 1.1%. Internationally, Europe edged down 0.3%, but Japan rose 1.0%. The yield on the 10-year Treasury bond was flat for the week, staying at 3.06%. Oil rose 3.4% to finish the month at $73.25 a barrel. Global oil prices reached a four year high on concerns that sanctions against Iran and Venezuela production problems will drive supply shortages. Article

Home price gains eased for the fourth straight month in July according to the S&P Case Shiller price index with prices up 6% over the past year compared to 6.2% in June.

Consumer confidence reached the highest level in 18 years in September.

The Trump administration’s top trade negotiator warned Canada could be excluded from a trade agreement with Mexico due to lack of progress.

The Fed made the widely expected move of increasing the Fed Funds rate a quarter percentage point to a range of 2%-2.25%. They said they expected to raise its rate a quarter percent one more time this year and then a total of 1% over 2019. Article

Consumer spending rose 0.3% in August from July. It was the smallest gain since February.

Concerns about Italy’s rising budget deficit weighed on European stocks as investors believe the current position to be unsustainable.

Barrick Gold agreed to purchase Randgold Resources for $6 billion to solidify its place as the world’s largest gold miner.

Sirius agreed to buy Pandora for $3 billion.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.

US stocks reached new all-time highs over the week on optimism about trade. The S&P 500 rose 0.8% and the Dow climbed 2.3% for the week. Internationally, Europe surged 1.7% and Japan jumped 3.4% for the week. The 10-year Treasury yield gained for the fourth straight week ending at 3.06%.

The Trump administration announced new 10% tariffs on $200 billion worth of Chinese goods that would take effect next week. With this new round combined with previous tariffs assed the administration would have tariffs on nearly half of the $500 billion in goods the US imports every year.

In response to the US’s tariff announcement China said it plans to new tariffs on $60 billion of US goods.

US home sales fell 1.5% in August for the sixth straight month of declines.

UK and EU negations are at an impasse on Brexit negotiations with 6 months until the deadline.

China pulled out of trade talks with the US that were planned for the coming days.

Tesla announced the Justice Dept. opened an investigation into the car maker after Elon Musk’s tweets about having financing secured to go private.

S&P 500 companies are expected to show a 19% increase in profits from a year earlier in the third quarter.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.

]]>https://raffadomore.com/2018/09/18/ep-30-raffa-nonprofit-sector-tax-update-finally-proposed-guidance-from-the-irs-on-tcja/feed/0raffadomoreTired of Being Trapped in Meetings? Here’s How to Make Them Worthwhilehttps://raffadomore.com/2018/09/17/tired-of-being-trapped-in-meetings-heres-how-to-make-them-worthwhile/
https://raffadomore.com/2018/09/17/tired-of-being-trapped-in-meetings-heres-how-to-make-them-worthwhile/#respondMon, 17 Sep 2018 20:03:58 +0000http://raffadomore.com/?p=2735Continue reading →]]>Posted by Raffa Financial Services on 9/17/2018

If you’re like most people, you don’t get excited about seeing your calendar fill up with hours and hours of meetings. And you’re probably frustrated with the lack of preparation, organization, progress, and productivity that goes into them.

Not all meetings are bad

But a lot of meetings are. Which is unfortunate, because it really doesn’t take much effort to create a good one.

There are dozens of ways to improve meetings, but let’s start with three key things you can start doing right now to make your meetings more productive and less painful.

1.) Meet because you need to, not because it’s time

Just because there is a meeting on the schedule doesn’t mean it needs to happen.

Don’t waste everyone’s time by holding meetings out of habit or obligation, and never call a meeting that doesn’t have a defined purpose or outcome. Having a meeting simply because it’s the second Friday of the month isn’t just inefficient and unproductive. It’s annoying.

When to have a meeting:

Your team is working collectively to achieve a specific, defined objective

There are important updates to communicate, and it can’t easily be done via email

The meeting content is educational and will better prepare each attendee to be more successful in his/her role

When not to have a meeting:

It’s Tuesday, and you always meet on Tuesdays

You like getting everyone together just to catch up

Someone brought doughnuts

If you’re going to take your people away from their desks and into a conference room, don’t pull a Michael Scott. You’ve got to make it count.

Make sure there are worthy objectives to achieve by the end of the meeting.

Communicate those objectives when scheduling your meeting and remind everyone of your purpose when the meeting starts.

Schedule appropriate blocks of time based on the objectives at hand, and end the meeting early if you’ve achieved them.

2.) Give your meeting the structure it deserves

Never ask people to come to a meeting without explaining in reasonable detail what will happen when they get there.

Not only does this force the facilitator to prepare beforehand, it lets each attendee know what they need to do to contribute and benefit from the meeting. Your agenda doesn’t have to be complicated. It can be as simple as a few bullet points. It does, however, need to be relevant.

Tip: Going around the room and letting everyone talk for 5 or 10 minutes is NOT an agenda. If you like these kinds of meetings, consider starting a book club or joining a support group.

3.) Hold your attendees (and yourself) accountable

Get confirmation on who is coming to the meeting before it happens. Everyone on the invite list should be critical to the objectives. If one key person is missing, your meeting could be a total waste of time. If you know that essential participants won’t be there, you can cancel the meeting ahead of time and spare everyone the pain.

You should also hold people at the end of your meeting. Before everyone gets up and walks out the door, get verbal confirmation from each attendee objectives were met. Make sure everyone understands and commits to following up with any required tasks and takeaways.

Tip: Meeting attendees aren’t there to be entertained. They are there to participate and contribute. Ask them if they got what they expected out of the meeting, and confirm what they will do as a result.

Make the most of your time together

If you’re fuming over the horrible meetings you have to attend on a regular basis, you may need to take a look in the mirror.

Are you showing up unprepared?

Scheduling meetings just because?

Failing to provide clear schedules and agendas?

Taking more time than you need?

If so, your colleagues, prospects, and clients could be feeling the same way about the meetings you’re having with them.

Following these three simple guidelines will significantly improve your workplace meeting attitudes, experiences, and outcomes. And who doesn’t want a little bit of that?

Tired of working with insurance salespeople who only think one year at a time? Wonder what it would be like to have a broker who looks beyond your annual policy? At Raffa Financial, we’ll provide a corporate employee benefits strategy to help you achieve your long-term your vision. Get in touch to find out how.

Global stocks gained over the week on easing trade war fears and central bank moves. The S&P 500 was up 1.2% and the Dow rose 0.9% for the week. Internationally, Japan soared gaining 3.5% and Europe climbed 1.1% for the week. The 10-year Treasury yield rose over the week ending at 2.99%. Article

The US opened up the possibility to another round of trade talks with China to possibly avoid the US applying tariffs on $200 billion in Chinese exports.

The number of available jobs in the US outpaced the number of job seekers by over 650,000 in July.

The producer price index unexpectedly declined in August and the CPI rose 0.2% in August, below expectations.

The ECB lowered its projects for growth, but reaffirmed its commitment to move away from easy money policies. They expect to wind down it bond purchase program by year end and won’t look to raise interest rates until after the summer of 2019. Article

The Bank of England voted to hold its benchmark interest rate at 0.75%.

Russia’s central bank increased its benchmark interest rate to 7.5% to fight inflation and volatility of the ruble.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.

In the grand scheme of life, social media is a relatively new phenomenon. Sure, we used to write on cave walls, but let’s face it, those things rarely went viral. And there were no HR departments anywhere in sight.

Today, we have this extremely powerful communication tool (or weapon) at our fingertips, but some of us are using it with a caveman mentality. And our employers are watching.

But I’m not at work!

A lot of people think the things they say and do during their spare time can’t possibly affect their job status, but as we’re finding out, this isn’t necessarily the case.

Even if you’re off the clock, the things you say and do can reflect poorly on you as an individual, and as an employee of a particular organization. And yes, it can result in termination.

Some of these people probably just thought they were being funny. Others may have suspected their comments were crossing the line, but thought their privacy settings were locked down tight enough. Still others may have believed that their private social media accounts weren’t fair game for employers.

But all of these things are up for interpretation.

What about the first amendment?

America is a country that believes in free speech. But when our forefathers drafted the first amendment, they were concerned about protecting citizens who disagreed with and/or spoke out against the government— a hallmark of democracy. They weren’t so worried about your “right” to talk trash about your coworkers or company.

As smart as they were, the founding fathers couldn’t possibly have planned for the scope and magnitude of the platforms we have available to us today. Over the years, the courts have added some specific free speech exceptions for things like incitement, false statements of fact, obscenity, threats of violence, etc.

Along with a lot of other people

As we’re also learning, the court of public opinion can be even more brutal.

There are plenty of stories about people posting things they think are fairly innocuous, only to have an offended coworker print out a copy and take it to HR, who tends to see things quite differently. Making fun of coworkers online? Filming yourself goofing off on company time? Posting video of clients without permission? Not good.

If you’re post highly controversial views on your social media profile, you’d better prepare for some serious backlash. If your posts include unsavory things like hate speech, racism, and violence, you should also be prepared for what will happen if and when they get back to your employer. Because in all likelihood, they will. And the results may not be pretty.

The same is true for businesses. If you use your company social media outlets to voice personal or political views that aren’t inclusive or run counter to those you serve, you may live to regret it. One Arizona business decided to shut its doors after the backlash from a politically motivated social media post resulted in extreme negative press, boycotts, and even death threats.

Which brings us back to that caveman mentality.

If you’re truly passionate about social justice, does it really make sense to threaten harm to people who don’t share your views? What would your grandmother have to say about that? Or your company? Or your boss?

Evolution is good

We all know that humans can easily be killed by bears. That’s why we don’t run up and poke them. But clearly some of us have not been able to anticipate the consequences of bad social media behavior.

Technology is changing rapidly. And maybe the amygdala part of our brains haven’t been able to keep up. Perhaps that explains why so many people think posting everything they are thinking and doing at the moment is a fine idea. Maybe we haven’t yet figured out the danger lurking behind our screens and keyboards.

But we’re adaptable creatures. We can learn from our mistakes, and the mistakes of others. We can train ourselves, our colleagues, and our employees on what is an appropriate use of social media and what isn’t.

Use your instincts

If your fingers are hesitating over the keys, or you’re not sure you should hit that post button, that’s a clear warning sign.

Re-read your comments from your sweet auntie’s point of view. Would she approve of your language and sentiment? What about your mom? Or your children? Would you be ashamed if they read what you’ve written, done what you’re doing, or said what you’re about to say?

Take a deep breath and edit. Or better yet, delete.

You’ll never regret not posting that stupid thing that made your sister cry, your high school buddy unfriend you, or your boss tell you to clean out your desk.

Trust your hesitation. Listen to it. It just might be evolution at work.

If you’re looking for a corporate employee benefits consultant who is a true business partner, Raffa is here for you. Get in touch to find out what working with a true employee benefits consultant feels like.

You’ve worked hard to get where you are, and you expect the same of your employees. But at some point, hard work can become overwork. And overworking can become overwhelming.

If your team is constantly burning the midnight oil, you will eventually start feeling it in your bottom line. And not in the way you might imagine.

A disruptive mentality

Perhaps you’ve used words like disruptive, innovative, and revolutionary to describe your company’s product, service, or culture. Many business owners and leaders view these qualities as universally positive. Necessary, even. But from an employee perspective, they can be exhausting.

How many people genuinely look forward to spending extended work days engulfed in disruption, navigating constant change, or leading a revolution?

For a great purpose and over short periods of time? Sure! But non-stop every day until forever? Not so much. Of course you want your employees to be excited about and invested in their work. But that doesn’t mean they need to live and breathe it 24 hours a day.

Your best employees aren’t necessarily the ones hyped up on energy drinks, working back to back shifts, and staying up all night. They may appear to be overachievers but in reality, they could be costing you big time.

Revolution has a price

Workplace stress is real. And real expensive.

When people are overworked and stressed out, they are more likely to develop physical and mental health issues. Many stress-related health problems can take your employees out of the game completely. When they do show up, they’re more likely to be distracted and make mistakes.

So how do you make sure your employees are working hard but not burning out?

Look for it

If you tell yourself everything is fine, that’s exactly what you’ll believe. But as with most problems, recognizing workplace burn out is half the battle.

Start looking around for subtle signs and symptoms, and check in with your team to assess levels of stress within the organization.

Evaluate potential causes of burnout, such as:

Excessive workloads

Outdated technology

Poor communication

Workplace conflict

Unhappy co-workers

Toxic clients

While you’re at it, look for telltale symptoms:

Fatigue

Accidents and mistakes

Missed deadlines, goals, and numbers

Employee disengagement and turnover

Issues with absenteeism and/or presenteeism

Increasing chronic illnesses and accommodation needs

If you’re not comfortable playing the super sleuth, you can always go directly to the source.

Conduct an anonymous employee survey to see how company expectations match up with employee expectations. And where they don’t.

Fix it

Once you’ve determined you have a problem and identified your causes and symptoms, work quickly to find and implement solutions.

Ignoring these things might seem easier in the short term, but letting issues simmer under the surface creates a breeding ground for increased tension and potential blow ups. If you really want your staff to achieve balance, you can’t just talk about it. At some point, you need to give them the tools to make it happen.

Live it

Start with leading by example. If you tell your employees they should strive for a manageable schedule and a healthy work/life balance, but your leadership team is working 14 hour days and rewarding those who do the same, no one is going to believe you really mean it. Check in with yourself. Have you fallen prey to the 24/7 mentality? Are you feeling worn out, less productive, and more on edge?

Stress is stress, no matter who you are and what your title is. Reducing your own stress will naturally reduce the stress of your team. And when your team is healthy and happy, your bottom line will be as well.

Financial News and Portfolio Management Discussion through September 8th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

US Stocks fell over the week on renewed talk of raising tariffs and inflation concerns. The S&P 500 fell 1.0% and the Dow eased 0.2% for the week. Internationally, Japan dropped 2.4% and Europe sank 2.2% for the week. Emerging markets fell into bear market territory over the week. The 10-year Treasury yield gained over the week ending at 2.94%.

The August jobs report slightly topped expectations with 201,000 jobs added making the monthly average rate for the year 185,000. The unemployment rate remained steady at 3.9%. Wage growth picked up gaining 2.9% from a year earlier. It’s the fastest pace of wage growth since mid-2009.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.

Work from home options are becoming more and more popular with employees, but are these flexible arrangements any good for employers?

A study from TinyPulse revealed 91% of telecommuters felt more productive working remotely than in the office. With numbers like that, it’s hard not to want to take this idea and run with it.

But there are some things you’ll want to consider before jumping in.

The benefits of flexibility

Recruitment – Today’s employees love being able to make choices about when, where, and how they work. Offering remote work options could give you a serious advantage when it comes to recruiting.

Being able to accommodate remote employees can also open up your hiring pool significantly. Find a great candidate who isn’t interested in a long commute, relocation, or sticking to a rigid schedule? These things are no longer automatic deal breakers.

Retention – In addition to feeling more productive, remote workers also reported feeling more valued, having higher levels of job satisfaction, and being more likely to stay with their current employer than their office-working counterparts.

Productivity – Work from home options allow your employees to be productive without physically being in the office. Major snow storm? Bundle up and work from home. Systems down in the office? Grab your laptop and head to a cafe. Feeling a little under the weather? Employees can log a few hours from home— without sharing germs with the rest of the team.

When it’s done right

Before you decide to kick everyone out of the office tomorrow, it’s important to note that survey responses were different when remote workers were broken out by those who chose to work at home vs. those who were forced to work at home.

Not surprisingly, employees who chose to telecommute were happier, felt more valued, and were more likely to see themselves staying with the company than those who were mandated to work remotely.

The lesson here? Today’s job seekers value choice and flexibility, and are taking these things consideration when making career moves and decisions. But choice without structure can be bad for everyone, especially when the rules seem unclear. Or unfair.

Consistency is key

If you do plan to offer telecommuting benefits, you’ll want to standardize your program as much as possible. If only a few select groups or individuals are offered work at home benefits, it can quickly cause friction and resentment on the team.

Which brings up another thing to consider. The TinyPulse research also found that remote employees scored lower than their in-office mates when it came to rating the overall quality of their relationships at work.

So while it can be difficult for remote teams to feel and stay connected, that doesn’t mean you need to toss your work from home policy plans out the window. Instead, you can look at this challenge as an opportunity to design a healthy, productive workplace environment that address these issues from the inside out. Organizations with high levels of communication, connection, and trust will be well-suited for implementing creative and flexible new policies.

If you’ve already cultivated a healthy, positive company culture, go ahead! Take that next step forward. And reap the rewards of going remote.

At Raffa, we work with businesses in the greater Maryland, Virginia and Washington, DC area to implement strategic employee benefits plans designed to position them as coveted employers of choice. Whether you’re looking to build a healthy team, lower employee turnover, or recruit and reward executive talent, we can help.